CHAP. 40.--An ACT to authorize the town council of the town of Wachapreague in the county of Accomac, to borrow not exceeding $15,000.00 and to issue bonds therefor, for the purpose of installing a water supply and sewer system.

1. Be it enacted by the general assembly of Virginia, That the council of the town of Wachapreague, in the county of Accomac, Virginia, be, and it is hereby, authorized and empowered to borrow money not to exceed fifteen thousand dollars, and to issue bonds therefor, for the purpose of installing a water supply and sewer system for the said town.

2. The said bonds may be either coupon or registered and in such denominations as the said council shall prescribe, and shall bear interest at a rate not exceeding six per centum per annum. The principal of said bonds shall be payable in twenty years from their date, or at such other time or times as the said council may determine. The said bonds shall be signed by the mayor of the said town, with the corporate seal affixed thereto and attested by the clerk, and shall be negotiated and sold in such manner as may be prescribed by the town council, provided they shall not be sold or negotiated for less than their par value. The council shall have power to make annual appropriations out of the revenue of the said town to pay the interest on said bonds, and to provide a sinking fund for the redemption of the said bonds when due, and, if necessary, shall annually levy a special tax on all property subject to local taxation within the limits of the said town for said purposes.

3. But this act is subject to this qualification, that no bonds shall be issued under this act unless and until at a special election to be held in said town on such date as may be fixed by the council, a majority of the qualified voters living within the corporate limits of said town and voting in said election shall vote in favor of such bonds. And it is hereby made the duty of the regular election officers to prepare the ballots and otherwise provide for the submission of the said question to the voters at the said election: On each ballot shall be printed in separate lines the following:

For Bond Issue Against Bond Issue Voters desiring to vote in favor of the issuance of said bonds shall strike out the words "against bond issue," and voters desiring to vote against bond issue shall strike out the words "for bond issue." Voters striking out or erasing the words "for" or "against" shall be deemed to have stricken out or erased the entire line. But it is moreover expressly provided that the said council may, if it so desires, provide for the submission of the said question to the voters aforesaid at the regular election to be held in the said town on the second Tuesday in June, nineteen hundred and twenty-six, instead of having a special election as aforesaid.

4. An emergency existing, this act shall be in force from its passage.